XML 150 R22.htm IDEA: XBRL DOCUMENT
v3.24.1

Stock Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2023
Stock Based Compensation [Abstract] |
STOCK BASED COMPENSATION | NOTE 13:- STOCK BASED COMPENSATION Equity plans Under the 2018 Equity Plan, the number of shares issuable under the Plan on the first day of each fiscal year increase by an amount equal to the lower of (i) 100,000 shares (after a later 10 for 1 stock split) or (ii) 5% of the outstanding shares on the last day of the immediately preceding fiscal year. As of December 31, 2023, there were no shares issuable under the 2018 Equity Plan until it automatically replenishes on January 1, 2024. At the Company’s annual meeting on May 17, 2023, the stockholders approved an amendment to the 2021 Equity Plan that, amongst other things, increased the number of the shares available under the 2021 Equity Plan to 10,000,000 shares. In addition, the shares available under the 2021 Equity Plan increased by 1,000,000 shares on January 1, 2024 to 11,000,000. As of December 31, 2023, the number of shares reserved under the 2021 Equity Plan was 10,000,000 with 680,238 shares available for grant. The Company recognized stock-based compensation expense during the year ended December 31, 2023 and 2022, as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Performance-based restricted stock awards* |  | $ | (423,360 | ) |  | $ | 643,350 |
Service-based restricted stock awards |  |  | 7,522,436 |  |  |  | 700,797 |
Stock issued to consultants |  |  | 307,069 |  |  |  | - |
Common stock warrant expense |  |  | 1,835,166 |  |  |  | 1,668,333 |
Option expense |  |  | 1,593,527 |  |  |  | - |
Total stock-based compensation |  | $ | 10,834,838 |  |  | $ | 3,012,480 |
| The performance-based restricted stock awards contain reversal of share-based payment expenses from 2021 onwards for forfeited awards due to staff departures.
Performance-based awards Performance-based awards generally vest over a three-year performance period upon the successful completion of specified market and performance conditions. The following table presents a summary of the Company’s performance-based awards restricted stock awards activity:
|  | Number of shares |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2022 |  |  | 342,310 |  |  |  | 8.33 |
Exercised |  |  | (100,000 | ) |  |  | - |
Expired/forfeited |  |  | (166,765 | ) |  |  | - |
Outstanding as of December 31, 2023 |  |  | 75,545 |  |  |  | 8.58 |
Exercisable as of December 31, 2023 |  |  | 44,327 |  |  |  | 4.60 |
As of December 31, 2023, there was approximately $0.12 million of unrecognized compensation cost related to the performance-based awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately seven months. Service-based restricted stock awards Service-based awards generally vest over a one-year service period. The following table presents a summary of the Company’s service-based awards activity:
|  | Number of shares |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2022 |  |  | 74,246 |  |  |  | 8.42 |
Issued |  |  | 6,143,346 |  |  |  | - |
Exercised |  |  | (203,760 | ) |  |  | - |
Expired/forfeited |  |  | (771,439 | ) |  |  | - |
Outstanding as of December 31, 2023 |  |  | 5,242,393 |  |  |  | 2.28 |
Exercisable as of December 31, 2023 |  |  | 16,804 |  |  |  | 0.03 |
As of December 31, 2023, there was approximately $2.79 million of unrecognized compensation cost related to the service-based restricted stock awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately three months. Stock options awards Stock options awards vest upon the successful completion of specified market conditions. The following table presents a summary of the Company’s Stock options awards activity:
|  | Number of shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2022 |  |  | 417 |  |  | $ | 35.90 |  |  |  | 1.26 |  |  | $ | - |
Issued |  |  | 3,500,000 |  |  |  | 1.22 |  |  |  | - |  |  |  | 6,923,000 |
Outstanding as of December 31, 2023 |  |  | 3,500,417 |  |  | $ | 1.23 |  |  |  | 9.70 |  |  | $ | 6,923,000 |
Exercisable as of December 31, 2023 |  |  | 417 |  |  | $ | - |  |  |  | - |  |  | $ | - |
As of December 31, 2023, there was approximately $1.84 million of unrecognized compensation cost related to the stock options awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately eight months.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration